Nava Finance Ltd, which is set to launch a new consumer lending platform in early 2017, has today announced an agreement with risk management company, Sphonic.
Launched in 2011, Sphonic provides an innovative digital risk and compliance platform and specialist consulting services to financial institutions across Europe.
Drawing on data from the largest set of sources of any vendor in the market, Sphonic is able to develop a detailed ‘digital picture’ of a consumer, business or transaction and use this information to effectively identify cases of fraud and to minimise risk.
As an online lending platform, Nava will benefit from integration of Sphonic’s core product, Workflow Manager (WFM), which provides a range of services including Anti Money Laundering (AML), fraud prevention and risk management.
Since its inception, Nava has taken a sophisticated approach to data and will apply intensive credit analytics to tailor more attractive loans to an underserved mainstream customer market. Sphonic’s support will offer greater protection to Nava and its customers throughout this process and ensure it has the necessary security and fraud prevention measures in place to safeguard its operation.
Joe Dlutowski, co-founder and CEO of Nava Finance, said:
“The use of big data is an essential part of our business and we recognise its importance in tackling the threats posed through digital channels. Sphonic’s expertise in supporting companies to prevent fraud and manage risk, while protecting the customer experience, will be invaluable.”
Riten Gohil, CEO of Sphonic, said:
“As an early stage, high-growth business operating in an increasingly complex digital age it is critical that Nava is able to effectively safeguard against the threat of fraud. Risk management is among the most important considerations for any lender and we are delighted that Nava has chosen us to support them as they seek to create a unique offering for mainstream borrowers in the UK.”